I noticed you are asking about the Flex 3 SDK. Skins are a good approach. They have changed somewhat in Flex 4(for the better IMHO). If you are wanting to use the Flex Drawing API, then just extend the Box class into a custom class that would look something like this:
public class MultiColorBorderBox extends Box
{
// You could add getters/setters or constructor parameters to be able to change these values.
private var topColor:uint = 0xFF0000;
private var rightColor:uint = 0x00FF00;
private var bottomColor:uint = 0x0000FF;
private var leftColor:uint = 0xFF00FF;
private var borderWidth:Number = 20;
public function MultiColorBorderBox()
{
super();
}
override protected function updateDisplayList(unscaledWidth:Number, unscaledHeight:Number):void
{
super.updateDisplayList(unscaledWidth, unscaledHeight);
// This just ensures you dont have content under your border
this.setStyle("paddingLeft", borderWidth);
this.setStyle("paddingRight", borderWidth);
this.setStyle("paddingTop", borderWidth);
this.setStyle("paddingBottom", borderWidth);
var g:Graphics = this.graphics; // This creates a new Graphics object and sets it to the MultiColorBorderBox graphics object. Since Box (superclass) descends from a Sprite object, it has a graphics object automatically.
g.clear();
g.moveTo(0,0); // Moves the position to the top left corner
g.lineStyle(borderWidth, topColor); // Sets the line style with the width and color
g.lineTo(unscaledWidth, 0); // Draws the top border from top left to top right corners
g.lineStyle(borderWidth, rightColor); // Changes the line style
g.lineTo(unscaledWidth, unscaledHeight); // Draws the line from top right to bottom right
g.lineStyle(borderWidth, bottomColor); //Changes the bottom border style
g.lineTo(0, unscaledHeight); // Draws the line from bottom right to bottom left
g.lineStyle(borderWidth, leftColor); // Changes the border color
g.lineTo(0,0); // Closes the box by drawing from bottom left to top left
}